HSBC 2009 Annual Report Download - page 455

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If (i) any of the two issues of preferred securities are outstanding in November 2048 or April 2049, respectively,
or (ii) the total capital ratio of HSBC Bank on a solo and consolidated basis falls below the regulatory minimum
ratio required, or (iii) in view of the deteriorating financial condition of HSBC Bank, the Directors expect (ii) to
occur in the near term, then the preferred securities will be substituted by preference shares of HSBC Bank
having economic terms which are in all material respects equivalent to those of the preferred securities and the
guarantee taken together.
HSBC Holdings
2009 2008
US$m US$m
Subordinated liabilities:
– at amortised cost .............................................................................................................................. 14,406 14,017
– designated at fair value (Note 27) ................................................................................................... 16,909 16,389
31,315 30,406
HSBC Holdings subordinated borrowings
2009
US$m
2008
US$m
Amounts owed to third parties
€1,750m 6.0% subordinated notes 2019 .................................................................................... 2,835 –
US$2,500m 6.5% subordinated notes 2037 .................................................................................... 2,659 2,669
€1,600m 6.25% subordinated notes 2018 .................................................................................. 2,306 2,231
US$2,000m 6.5% subordinated notes 2036 .................................................................................... 2,052 2,052
€1,000m 5.375% subordinated notes 2012 ................................................................................ 1,549 1,403
£900m 6.375% callable subordinated notes 20221 ................................................................. 1,517 1,330
US$1,400m 5.25% subordinated notes 2012 .................................................................................. 1,488 1,455
US$1,500m 6.8% subordinated notes 2038 .................................................................................... 1,484 1,484
£750m 7.0% subordinated notes 2038 .................................................................................... 1,267 1,140
£650m 6.75% subordinated notes 2028 .................................................................................. 1,043 938
€700m 3.625% callable subordinated notes 20202 ................................................................. 1,005 840
£650m 5.75% subordinated notes 2027 .................................................................................. 1,000 878
US$750m Callable subordinated floating rate notes 20163 ......................................................... 750 750
US$750m Callable subordinated floating rate notes 20154 ......................................................... 750 750
US$488m 7.625% subordinated notes 2032 ................................................................................ 587 609
£250m 9.875% subordinated bonds 20185 ............................................................................. 496 441
US$222m 7.35% subordinated notes 2032 .................................................................................. 260 269
€2,000m Callable subordinated floating rate notes 20146 ......................................................... – 2,805
US$1,000m 7.5% subordinated notes 2009 .................................................................................... – 1,068
€300m 5.5% subordinated notes 2009 .................................................................................... – 432
23,048 23,544
Amounts owed to HSBC undertakings
€1,400m 5.3687% fixed/floating subordinated notes 2043 –
HSBC Capital Funding (Euro 2) LP ........................................................................... 2,042 1,532
US$1,350m 9.547% subordinated step-up cumulative notes 2040 –
HSBC Capital Funding (Dollar 1) LP ........................................................................ 1,339 1,337
US$1,250m 4.61% fixed/floating subordinated notes 2043 –
HSBC Capital Funding (Dollar 2) LP ........................................................................ 1,223 745
€750m 5.13% fixed/floating subordinated notes 2044 –
HSBC Capital Funding (Euro 3) LP ........................................................................... 1,095 790
US$900m 10.176% subordinated step-up cumulative notes 2040 –
HSBC Capital Funding (Dollar 1) LP ........................................................................ 900 900
€600m 8.03% subordinated step-up cumulative notes 2040 –
HSBC Capital Funding (Euro 1) LP ........................................................................... 862 834
£500m 8.208% subordinated step-up cumulative notes 2040 –
HSBC Capital Funding (Sterling 1) LP ...................................................................... 806 724
8,267 6,862
31,315 30,406
1 The interest rate on the 6.375 per cent callable subordinated notes 2022 changes in October 2017 to become three-month sterling
LIBOR plus 1.3 per cent. The notes may be redeemed at par from October 2017 at the option of the borrower, subject to the prior
notification of the FSA.